Dana Gas Q4 profit jumps, no details on sukuk


Dana Gas Co. - DANA
0.48 0.01 2.12%
30/01/2012 17:43 AST  Reuters

Dana Gas, which faces a $1 billion sukuk maturity in October, posted sharply higher fourth-quarter and yearly profits on Monday, buoyed by an increase in production and higher oil prices.

Abu Dhabi-listed Dana, which has operations in the UAE, Egypt and Kurdistan, made quarterly profit of 147 million dirhams ($40 million), according to Reuters calculations. It had profit of 59 million dirhams in the year-ago period.

A Global Investment House analyst had forecast quarterly profit of 151 million dirhams, in a Reuters poll. HSBC estimated quarterly profit at 146.9 million dirhams in an analyst note dated January 30.

Dana reported full-year net profit of 506 million dirhams, up from 158 million dirhams in 2010. Reuters calculated quarterly profit from previous financial statements. Nine-month profit to Sept. 30 was 359 million dirhams.

Dana, which hired Deutsche Bank to advise it on the October Islamic bond, made no reference to how it will repay the outstanding $920 million on the sukuk in the statement.

Dana's share have been battered by fears it might struggle to honour the debt. Earlier this month, it said it would meet its debt obligations.

'Dana's share price has been under pressure as management has yet to announce a strategy to address a challenging liquidity position ahead of the October 2012 sukuk maturity,' the HSBC note said.

'We believe a default is unlikely, as sukuk holders are more likely to agree to a restructuring that can enable Dana to monetise its assets rather than see a complex liquidation with recovery potentially below 40 cents on the dollar.'

The Gulf's only listed natural gas firm has faced payment delays for gas delivered to Egypt, due to political unrest. 'The consequences of the so-called 'Arab Spring' are presenting the oil and gas industry with considerable challenges in the short term, and Dana Gas is not immune to these,' Dana Gas Chairman Hamid Jafar said in a statement.

Gross revenues for the year jumped to 2.53 billion from 1.78 billion in the previous year, according to Dana's statement.

Dana Gas Co. - DANA
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 31.39 1,217,856
SABIC 100.35 8,442,976
STC 69.73 1,178,403
ALMARAI 92.02 582,788
SPIMACO 45.34 895,786
GFH 0.07
EMAAR 8.08 11,388,264
Recent News

Itqan Capital and Mubasher Financial Service sign MoU
Itqan Capital, Saudi Arabia-based Investment Company licensed by the Capital Market Authority (CMA) and a member of Albaraka Banking Group, and Mubasher Financial Services BSC, one of the leading pro

Banks benefit from diversified incomes & strong operating environment
Continuing the growth trends in the banking sector from last year, all leading banks that announced their first quarter results so far, reported strong growth in assets and profits with consistent im

Saudi insurance sector poised for strong growth
Saudi Arabia’s insurance market is the second-fastest growing in the Gulf Cooperation Council (GCC) and has good potential for further gains due to its low insurance penetration levels and improved p

Dubai Financial Market Q1 net profit falls 69 pct
Dubai Financial Market (DFM), the Gulf's only listed stock exchange, reported a 69 percent drop in first-quarter net profit on Sunday as trading volumes fell.

The firm, which runs securit

Islamic reinsurance moves to displace use of conventional finance
Islamic reinsurance (retakaful) is getting a face-lift because of new entrants and a widening market for sharia-compliant insurance products, helping move the industry away from long-standing relianc

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?